NC Senate Brings Out Tinkered Tax Overhaul

RALEIGH, NC-- Senate Republicans at the North Carolina legislature are trying to get the ball rolling again on a tax overhaul after negotiating privately for two weeks with House counterparts and receiving input from Gov. Pat McCrory.
Senate leader Phil Berger unveiled Monday in committee a counteroffer to the House that would reduce the personal income tax rate, eliminate the corporate income tax and subject more transactions to sales taxes. The Senate panel approved the plan that will now go to the Senate floor Tuesday.
Berger says most of the proposal already was presented to House Republicans last week without reaching a deal. He says passing a bill based on the Senate's proposal will move negotiations ahead.
The Senate plan would reduce projected revenue growth by $650 million through mid-2015.